. Weekly Crypto Analysis - Bitcoin, Ethereum, Solana, XRP Dynamics Unveiled.

Weekly Crypto Analysis – Bitcoin, Ethereum, Solana, XRP Dynamics Unveiled.

Weekly Crypto Analysis – Bitcoin, Ethereum, Solana, XRP Dynamics Unveiled.

23 Dec 2023

Introduction:

In the cryptocurrency landscape, Bitcoin eyes a potential Christmas rally near the $43,860 mark, influenced by its current position within a crucial supply range. As BTC exhibits a bullish trend ahead of the holidays, Ethereum targets $2,500 amidst declining supply. Meanwhile, XRP faces a potential correction, contrasting Solana’s surge toward the $100 mark. The crypto market’s dynamics showcase diverse trends and potential price movements.

Bitcoin:

A potential Christmas rally looms for BTC as it approaches the $43,860 threshold.

Bitcoin is currently within a weekly supply range of $40,065 to $47,017, with the crucial midline at $43,860 determining the cryptocurrency’s next directional bias and influencing the potential Christmas rally.

Bitcoin (BTC) exhibits a bullish trend as the weekend approaches, coinciding with the Christmas festivities. Anticipated low trading volumes during the holiday season, combined with typical weekend dynamics, create a potentially volatile market environment.

Bitcoin (BTC) faces a potential challenge to its upward momentum in 2023, as it continues to be confined within a weekly supply barrier since the beginning of December.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 43480.76 | Positive Crossover | Bullish
  • MA 20: 42317.58 | Positive Crossover | Bullish
  • MA 50: 34486.69 | Positive Crossover | Bullish

Simple:

  • MA 5: 43493.60| Positive Crossover | Bullish
  • MA 20: 43010.85 | Positive Crossover | Bullish
  • MA 50: 39386.52 | Positive Crossover | Bullish

RSI (Relative Strength Index): 62.81| Buy Zone | Bullish

Stochastic Oscillator: 38.74| Sell Zone | Positive

Resistance And Support Levels:

  • R1: 44065.25 | R2: 48218.31
  • S1: 41137.69 | S2: 38414.38

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 44678.00 | Take Profit: 47741.73 | Stop Loss: 43044.01.

Ethereum:

Ethereum price targets $2,500 amid a decrease in ETH supply on exchanges.

In the last 24 hours, the number of Ethereum tokens on exchange platforms has dropped by approximately 240,000. This unprecedented decrease in Ethereum supply on exchanges supports a positive outlook for ETH price. Technical indicators suggest that the ETH price might recover and reach $2,500.

Ethereum (ETH) has closely mirrored Bitcoin’s (BTC) recent price movements, exhibiting a three-month correlation of 0.97. As the second-largest cryptocurrency aligns closely with BTC’s performance, data from Sentiment indicates that ETH supply on exchanges has reached an unprecedented low, suggesting the potential for additional price increases.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 2263.37 | Positive Crossover | Bullish
  • MA 20: 2226.05 | Positive Crossover | Bullish
  • MA 50: 2110.56 | Positive Crossover | Bullish

Simple:

  • MA 5: 2242.06| Positive Crossover | Bullish
  • MA 20: 2263.12 | Positive Crossover | Bullish
  • MA 50: 2113.32 | Positive Crossover | Bullish

RSI (Relative Strength Index): 58.59| Buy Zone | Bullish

Stochastic Oscillator: 35.51| Sell Zone | Positive

Resistance And Support Levels:

  • R1: 2293.14 | R2: 2399.63
  • S1: 2199.43 | S2: 2107.85

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy: 2310.18 | Take Profit: 2399.63 | Stop Loss: 2261.19.

Elsewhere In the Crypto Market.

Solana’s price approaches the $100 threshold, currently trading at $96 after experiencing a 14% increase in the past 24 hours. XRP price is likely headed towards a correction, according to altcoin’s on-chain metrics.

Bitcoin is up (0.06%) at 38,730, Ethereum is up (0.52%) at 2,099.4, Litecoin is up (1.55%) at 72.26, Solana is up (4.02%) at 95.95, Dogecoin down (2.21%) at 0.093.

Key Economic Events & Data Release for Upcoming Week:

(JPY) Retail Sales (YoY) (Nov) (Thursday).

(USD) Initial Jobless Claims (Thursday).

(USD) Pending Home Sales (MoM) (Nov) (Thursday)

(USD) Crude Oil Inventories (Thursday).